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Stocks · Industrials · Industrial & Commercial Fans & Blowers & Air Purifing Equip

FUEL TECH, INC.

FTEK Clue Score56
United States Fiscal year ends December CIK 0000846913
$1.65 -0.30% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $1.65 −2.94% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue55.2Operating income−12.0Net income−17.4EPS, diluted−0.74Fiscal year 2017Revenue45.2 −18.1%Operating income−7.1Net income−10.4EPS, diluted−0.44Fiscal year 2018Revenue56.5 +25.2%Operating income0.1Net income−0.0EPS, diluted0.00Fiscal year 2019Revenue30.5 −46.1%Operating income−8.2Net income−7.9EPS, diluted−0.32Fiscal year 2020Revenue22.6 −26.0%Operating income−4.3Net income−4.3EPS, diluted−0.17Fiscal year 2021Revenue24.3 +7.6%Operating income−1.5Net income0.1EPS, diluted0.00Fiscal year 2022Revenue26.9 +11.0%Operating income−1.5Net income−1.4 −2,770.4%EPS, diluted−0.05Fiscal year 2023Revenue27.1 +0.5%Operating income−2.7Net income−1.5EPS, diluted−0.05Fiscal year 2024Revenue25.1 −7.2%Operating income−4.7Net income−1.9EPS, diluted−0.06Fiscal year 2025Revenue26.7 +6.1%Operating income−3.7Net income−2.3EPS, diluted−0.08
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 55.2 45.2 56.5 30.5 22.6 24.3 26.9 27.1 25.1 26.7
Growth −18.1% +25.2% −46.1% −26.0% +7.6% +11.0% +0.5% −7.2% +6.1%
Operating income −12.0 −7.1 0.1 −8.2 −4.3 −1.5 −1.5 −2.7 −4.7 −3.7
Net income −17.4 −10.4 −0.0 −7.9 −4.3 0.1 −1.4 −1.5 −1.9 −2.3
Growth −2,770.4%
EPS, diluted −0.74 −0.44 0.00 −0.32 −0.17 0.00 −0.05 −0.05 −0.06 −0.08
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin34.1%Operating margin−21.8%Net margin−31.5%Free cash flow margin−6.7%Fiscal year 2017Gross margin39.9%Operating margin−15.6%Net margin−23.1%Free cash flow margin−9.0%Fiscal year 2018Gross margin35.5%Operating margin0.2%Net margin−0.0%Free cash flow margin7.7%Fiscal year 2019Gross margin35.5%Operating margin−27.0%Net margin−25.8%Free cash flow margin−12.9%Fiscal year 2020Gross margin47.2%Operating margin−19.2%Net margin−19.0%Free cash flow margin−13.1%Fiscal year 2021Gross margin49.0%Operating margin−6.1%Net margin0.2%Free cash flow margin2.8%Fiscal year 2022Gross margin43.2%Operating margin−5.7%Net margin−5.4%Free cash flow margin−16.1%Fiscal year 2023Gross margin43.0%Operating margin−9.8%Net margin−5.7%Free cash flow margin1.0%Fiscal year 2024Gross margin42.3%Operating margin−18.7%Net margin−7.7%Free cash flow margin−15.2%Fiscal year 2025Gross margin46.4%Operating margin−13.8%Net margin−8.7%Free cash flow margin8.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 34.1% 39.9% 35.5% 35.5% 47.2% 49.0% 43.2% 43.0% 42.3% 46.4%
Operating margin −21.8% −15.6% 0.2% −27.0% −19.2% −6.1% −5.7% −9.8% −18.7% −13.8%
Net margin −31.5% −23.1% −0.0% −25.8% −19.0% 0.2% −5.4% −5.7% −7.7% −8.7%
Free cash flow margin −6.7% −9.0% 7.7% −12.9% −13.1% 2.8% −16.1% 1.0% −15.2% 8.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−2.7Capital expenditure−0.9Free cash flow−3.7Fiscal year 2017Operating cash flow−3.6Capital expenditure−0.5Free cash flow−4.1Fiscal year 2018Operating cash flow4.9Capital expenditure−0.6Free cash flow4.4Fiscal year 2019Operating cash flow−3.4Capital expenditure−0.6Free cash flow−3.9 −190.4%Fiscal year 2020Operating cash flow−2.7Capital expenditure−0.2Free cash flow−3.0Fiscal year 2021Operating cash flow0.8Capital expenditure−0.1Free cash flow0.7Fiscal year 2022Operating cash flow−4.1Capital expenditure−0.2Free cash flow−4.3 −741.8%Fiscal year 2023Operating cash flow0.7Capital expenditure−0.4Free cash flow0.3Fiscal year 2024Operating cash flow−3.4Capital expenditure−0.4Free cash flow−3.8 −1,470.9%Fiscal year 2025Operating cash flow3.0Capital expenditure−0.7Free cash flow2.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −2.7 −3.6 4.9 −3.4 −2.7 0.8 −4.1 0.7 −3.4 3.0
Capital expenditure −0.9 −0.5 −0.6 −0.6 −0.2 −0.1 −0.2 −0.4 −0.4 −0.7
Free cash flow −3.7 −4.1 4.4 −3.9 −3.0 0.7 −4.3 0.3 −3.8 2.3
Growth −190.4% −741.8% −1,470.9%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash11.8Shareholders’ equity42.7Fiscal year 2017Cash8.4Shareholders’ equity34.2Fiscal year 2018Cash12.0Shareholders’ equity34.1Fiscal year 2019Cash10.9Total debt0.0Net cash (debt)10.9Shareholders’ equity26.2Debt to equity0.00Fiscal year 2020Cash10.6Total debt1.6Net cash (debt)9.1Shareholders’ equity22.3Debt to equity0.07Fiscal year 2021Cash35.9Total debt0.0Net cash (debt)35.9Shareholders’ equity46.2Debt to equity0.00Fiscal year 2022Cash23.3Shareholders’ equity44.8Fiscal year 2023Cash17.6Shareholders’ equity43.7Fiscal year 2024Cash8.5Shareholders’ equity42.0Fiscal year 2025Cash11.9Shareholders’ equity39.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 11.8 8.4 12.0 10.9 10.6 35.9 23.3 17.6 8.5 11.9
Total debt n/a n/a n/a 0.0 1.6 0.0 n/a n/a n/a n/a
Net cash (debt) n/a n/a n/a 10.9 9.1 35.9 n/a n/a n/a n/a
Shareholders’ equity 42.7 34.2 34.1 26.2 22.3 46.2 44.8 43.7 42.0 39.9
Debt to equity n/a n/a n/a 0.00 0.07 0.00 n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
11.8 8.4 12.0 10.9 10.6 35.9 23.3 17.6 8.5 11.9
18.8 19.7 18.4 6.5 6.5 3.3 7.7 6.7 9.4 5.4
1.0 0.9 1.0 0.3 0.1 0.3 0.4 0.4 0.4 0.4
10.5 6.3 6.0 5.7 5.2 4.6 4.4 4.5 5.1 4.7
2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1
57.8 50.5 51.7 31.6 30.1 50.0 50.1 50.4 48.8 47.2
Growth −12.6% +2.4% −38.9% −4.8% +66.1% +0.3% +0.5% −3.2% −3.3%
Liabilities
n/a n/a n/a 0.0 n/a n/a n/a n/a n/a n/a
n/a n/a n/a 0.0 1.6 0.0 n/a n/a n/a n/a
calc n/a n/a n/a 0.0 1.6 0.0 n/a n/a n/a n/a
14.4 16.3 17.7 5.4 7.8 3.8 5.3 6.7 6.8 7.2
Equity
−92.2 −102.7 −102.5 −110.3 −114.6 −114.5 −116.0 −117.5 −119.5 −121.8
42.7 34.2 34.1 26.2 22.3 46.2 44.8 43.7 42.0 39.9
Growth −20.0% −0.4% −23.1% −14.7% +107.0% −2.9% −2.5% −4.0% −4.8%
Per share and net cash
calc n/a n/a n/a 10.9 9.1 35.9 n/a n/a n/a n/a
23.4 24.1 24.2 24.6 25.2 30.3 30.3 30.4 30.7 31.1
calc 1.82 1.42 1.41 1.06 0.88 1.53 1.48 1.44 1.37 1.29

Lines marked calc are worked out here from filed figures; point at one for how.